Huntington National Bank raised its stake in shares of Buckeye Partners L.P. (NYSE:BPL) by 5.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,680 shares of the pipeline company’s stock after buying an additional 1,715 shares during the period. Huntington National Bank’s holdings in Buckeye Partners L.P. were worth $2,281,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Valley National Advisers Inc. raised its stake in shares of Buckeye Partners L.P. by 11.5% in the first quarter. Valley National Advisers Inc. now owns 1,649 shares of the pipeline company’s stock worth $113,000 after buying an additional 170 shares during the period. Crestwood Advisors Group LLC purchased a new stake in shares of Buckeye Partners L.P. during the first quarter worth about $117,000. Hirtle Callaghan & Co LLC purchased a new stake in shares of Buckeye Partners L.P. during the first quarter worth about $118,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Buckeye Partners L.P. during the first quarter worth about $128,000. Finally, IHT Wealth Management LLC purchased a new stake in shares of Buckeye Partners L.P. during the first quarter worth about $170,000. 70.68% of the stock is currently owned by institutional investors.
Buckeye Partners L.P. (NYSE:BPL) traded down 0.94% during trading on Friday, hitting $57.90. 496,191 shares of the company’s stock were exchanged. Buckeye Partners L.P. has a 12-month low of $57.77 and a 12-month high of $73.06. The company’s 50-day moving average price is $63.12 and its 200 day moving average price is $66.27. The firm has a market cap of $8.18 billion, a price-to-earnings ratio of 16.01 and a beta of 1.11.
Buckeye Partners L.P. (NYSE:BPL) last released its quarterly earnings data on Friday, August 4th. The pipeline company reported $0.80 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.20. The business had revenue of $810.20 million during the quarter, compared to analysts’ expectations of $797.47 million. Buckeye Partners L.P. had a return on equity of 11.04% and a net margin of 14.42%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.07 EPS. Equities analysts forecast that Buckeye Partners L.P. will post $3.78 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 21st. Shareholders of record on Monday, August 14th will be given a $1.2625 dividend. This is a boost from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. The ex-dividend date of this dividend is Thursday, August 10th. This represents a $5.05 annualized dividend and a yield of 8.72%. Buckeye Partners L.P.’s dividend payout ratio is presently 138.36%.
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A number of equities research analysts have recently weighed in on BPL shares. Guggenheim started coverage on shares of Buckeye Partners L.P. in a research note on Monday, April 17th. They set a “neutral” rating and a $72.00 target price on the stock. Royal Bank Of Canada reaffirmed a “hold” rating and set a $73.00 target price on shares of Buckeye Partners L.P. in a research note on Wednesday, April 19th. Stifel Nicolaus raised shares of Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 price target for the company in a research report on Monday, May 8th. They noted that the move was a valuation call. BidaskClub raised shares of Buckeye Partners L.P. from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Finally, Zacks Investment Research cut shares of Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $73.36.
In other Buckeye Partners L.P. news, SVP Todd J. Russo sold 3,280 shares of the stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $67.00, for a total value of $219,760.00. Following the completion of the transaction, the senior vice president now owns 14,106 shares in the company, valued at $945,102. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.42% of the company’s stock.
Buckeye Partners L.P. Company Profile
Buckeye Partners, L.P. (Buckeye) owns and operates a network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Its segments include Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.
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